{"id":8606,"date":"2018-09-07T00:00:00","date_gmt":"2018-09-07T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/09\/07\/peoples-bank-of-china-new-blockchain-and-digital-currency-center\/"},"modified":"2018-09-07T00:00:00","modified_gmt":"2018-09-07T00:00:00","slug":"peoples-bank-of-china-new-blockchain-and-digital-currency-center","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/peoples-bank-of-china-new-blockchain-and-digital-currency-center\/","title":{"rendered":"People\u00b4s Bank of China opens a new Blockchain and Digital Currency center"},"content":{"rendered":"
China’s major financial institution, the People\u2019s Bank of China, has taken additional steps to foster Fintec and blockchain technology by establishing a research center in Jiangsu province\u2019s capital, Nanjing.<\/p>\n
Digital Currency Research Lab, the PBoC’s wing in charge of blockchain technology research, and the country’s municipal government, have made a joint venture into the hub of Eastern Jiangsu province to establish the research center<\/strong>. Upon completion, the project is expected to primarily serve a number of beneficiaries. These include The Bank of Jiangsu, and Nanjing University specifically through various pilot projects under its management.<\/p>\n Furthermore, the PBoC is reportedly seeking to develop an economic interlink among major sectors of the government including manufacturing, education, finance and others. This means that the research center will provide the Central Bank of China with the possibility of integrating various institutions in finance, education and research into a highly efficient and effective data sharing platform.<\/p>\n Despite being one of the most outspoken critics of Bitcoin, it is interesting to observe that the Chinese Government plans to embrace digital currencies<\/a><\/strong> based on blockchain technology, which is the basis of Bitcoin. Through the new research center, the blockchain-based digital Yuan prototype will be tested before its official release to the public. The recent development is hardly the first major step by the PBoC’s Digital Currency Research Lab<\/strong> as it recently established a subsidiary called the Shenzhen Fintec Limited in another province called the Guangdong Province.<\/p>\n